Vegetable Oil Market Size, Share, Trends, Growth 2032

Vegetable Oil Market Insights

According to Zion Market Research, the global Vegetable Oil Market was worth USD 289.1 Million in 2023. The market is forecast to reach USD 580.44 Million by 2032, growing at a compound annual growth rate (CAGR) of 7.2% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Vegetable Oil Market industry over the next decade.Global Vegetable Oil Market Size

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Vegetable Oil Market Introduction

Vegetable oil is extracted from seed or other parts of fruits. Vegetable oils also referred as vegetable fat is the blend of triglycerides, grape seed oil, soybean oil, and cocoa butter. Apart from this, rice bran oil, olive oil, and palm oil are few of the examples of vegetable oils. Additionally, the product is used in cosmetic & make-up products as well as food & household items. Apparently, the fatty acids are extracted from vegetable oil and utilized in cosmetics, pharmaceuticals, and bactericides.

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Vegetable Oil Market Growth Dynamics

Large-scale use of vegetable oil in industrial and transport sectors will propel the expansion of vegetable oil market in the ensuing years. Major benefits offered by the product are biodegradability and resource renewability. Few of the major usage of these products are open gears, two stroke engines, farming, forestry device, mining, open gears, hydraulics, chain saws, and mold releases. Large-scale use of vegetable oil in producing detergents and soaps as well as in manufacturing greases, candles, and lubricants will prompt the expansion of vegetable oil market over the years ahead. Nonetheless, omega-6 vegetable oil can cause heart ailment and this can hinder the use of the vegetable oil in the ensuing years.

Furthermore, vegetable oil is also used as a key substitute for mineral oil in power station as they possess better lubricity, reduced volatility, high pressure performance, lower smoke features, and high viscosity as compared to mineral oil. This will further drive the expansion of the vegetable oil industry. Apparently, thriving biofuel industry will further add towards the growth of the vegetable oil market in the years ahead. The main reason being the use of vegetable oil as a source to produce bioethanol which is further utilized in production of biofuel.

Additionally, rapidly expanding biodiesel sector will make huge contributions towards vegetable oil market size as vegetable oil is used as raw material for biodiesel production. Apart from this, escalating demand for biodiesel in the automotive, aerospace, and aviation industries is expected to have a positive impact on the global vegetable oil market growth.

The product is majorly used in FMCG and this will further drive the vegetable oil market trends. Thriving processed food sector and massive use of the product in culinary and perfume production will propel the business landscape. Large-scale use of vegetable oil as animal feed additive will enlarge the scope of both the animal feed additives sector as well as vegetable oil market in the forthcoming years. With vegetable oil finding major applications in automotive sector and strict laws regulating the fuel emission norms, the vegetable oil industry is anticipated to gain traction over the years ahead.

Vegetable Oil Market: Report Scope

Asia Pacific To Dominate Overall Market Growth By 2032

The expansion of vegetable oil industry in Asia Pacific during the forecast timeline is the result of massive demand for substitutes for fast depleting fossil fuel along with huge requirement of biofuel with an objective of reducing carbon emissions. In addition to this, immense growth witnessed in food processing and bio-plastics sectors in the region will further contribute towards regional market size over the upcoming years. Easy availability of raw materials used for producing vegetable oil will prompt the vegetable oil market value in Asia Pacific in the years to come. Countries such as India and China of the Asia Pacific zone are slated to be the major drivers of the vegetable oil market in the region.

Vegetable Oil Market: Competitive Analysis

The global vegetable oil market is led by players like:

• BP
• Savola Group
• Total S.A.
• Archer Daniels Midland Co.
• Fuji Oil
• Shell
• Cargill Agricola S.A.
• Dow Agrosciences LLC
• Bunge North America Inc.
• United Plantations Berhad

The global vegetable oil market is segmented as follows:

By Product Type

• Palm oil
• Sunflower oil
• Canola oil
• Soybean oil
• Coconut oil
• Peanut oil
• Olive oil
• Others (cottonseed oil, etc.)

By Packaging

• PET Bottles
• HDPE Cans
• Tin-Plate Containers
• Tetra packs
• Flexible Plastic Pouches
• Glass Bottles

By Application

• Food
• Industrial
• Feed

By End-User

• Food Processing Industry
• Food Services Industry
• Pharmaceutical Industry
• Cosmetic Industry
• Others (Fuels, etc.)

By Distribution Channel

• Online
• Offline

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa